U.S.-based solar panel manufacturer Silfab Solar has raised $100 million to advance the construction of its solar cell and module production facility in Fort Mill, South Carolina. The facility will feature tunnel oxide passivated contact (TOPCon) technology and is designed to deliver annual capacities of 1GW for solar cells and 1.2GW for modules. The plant, launched with an earlier investment of $150 million, is slated to commence commercial operations by the end of the year.
The financing comprises a $50 million equity investment led by ARC Financial Corp and a $50 million green loan facilitated by Breakwall Capital. ARC Financial previously provided $125 million for Silfab's U.S. solar cell production efforts.
Silfab Solar is also collaborating with Norwegian manufacturer NorSun to bolster U.S. ingot and wafer production, critical components in the solar supply chain. These efforts align with incentives under the Inflation Reduction Act, including the Advanced Manufacturing Investment Credit, which offers a 25% tax credit for ingot and wafer production.
Additionally, Silfab has partnered with Solarcycle, a U.S.-based recycling firm, to integrate recycled PV glass from Solarcycle's Georgia facility into its South Carolina plant's production line.
This latest expansion builds on Silfab's existing manufacturing presence in Washington State and Canada, reinforcing its commitment to scaling domestic solar manufacturing and supporting the growing demand for renewable energy technologies in North America.
